UPDATE: Toll Brothers Posts Upbeat Q4 Profit

Toll Brothers TOL reported a drop in its fourth-quarter profit. Toll Brothers' quarterly profit declined to $94.9 million, or $0.54 per share, versus a year-ago profit of $411.4 million, or $2.35 per share. Its income before taxes climbed to $150.2 million from $60.7 million. Its revenue rose 65% to $1.04 billion. However, analysts were projecting earnings of $0.43 per share on revenue of $1.03 billion. Toll Brothers shares closed at $33.58 yesterday.